The bleeding continues

– Pakistan’s Forex Reserves plunge by $230.9mn The State Bank of Pakistan (SBP) on Thursday reported a dip of $230.9mn in its foreign exchange reserves, because of the external debt servicing and other payments, ARY News reported.

In a data released by the central bank in its weekly report, the reserves held by the SBP stood at $7.4bn whereas the forex reserves available with the commercial banks were at $6.54bn level.

Earlier on January 3, the SBP in its weekly had also reported a decline of $170mn in the foreign exchange reserves, primarily because of payments in lieu of external debts and other payments including imports.

Pakistan is struggling to meet its debt-service requirements and is facing a balance-of-payments crisis which has resulted in a rapid decline of the reserves.

However, the situation is expected to improve soon as the United Arab Emirates (UAE) has finalised a financial package for Pakistan worth $6.2bn, while a $1bn tranche from Saudi Arabia is likely to be released in the month of February.

In another development on January 2, China confirmed the Financial Times story that said the Asian giant would soon provide Pakistan with $2bn in financial aid to support its economy.

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